Thornwood factory, contents to be auctioned Nov. 15
Heath E. Combs -- Furniture Today, November 8, 2012
PHOENIX — The former 500,000-square-foot case goods manufacturing facility of Thornwood Mfg. here will be auctioned next week.
Craig Thorn, a controlling officer in the company, said Thornwood was unable to find a suitable partner or buyer and is proceeding with liquidation.
A copy of the auction notice can be found here. Set for Nov. 15, the auction includes the property and contents such as CNC machines, panel saws, routers, sanders and banding equipment, among other items.
Thornwood, a manufacturer of hospitality and residential furnishings, filed for Chapter 11 bankruptcy protection in June 2010, saying it was a victim of the housing market collapse. It is converting to a Chapter 7 liquidation, Thorn said.
Thornwood began operating in 1987 with less than $1 million in sales and a handful of workers but by 2004 was generating $60 million in annual sales with a workforce of 850.
This summer, the company sought to sell assets or find a financial partner to help fund a reorganization.